Our Services

Our services

94% of our clients say that they would proactively recommend our accountant services
to their friends and other business owners.

Looking after you

Looking after both business and personal finances can be a delicate balancing act. Knowing exactly what you need to do and when you need to pay requires real attention to detail. Advance planning, early preparation and good organisation are what is required. We bring a smooth approach to workflow and an efficient, consistent and timely service.

Expert knowledge

With KA Farr & Co Chartered Accountants, you have the backing of a professional team who will help you balance your books. We will ensure that deadlines are met, with all the expert accountant knowledge and tax expertise you need. Just take a look at the range of accountancy and taxation services we offer. Our aim is to support businesses and individuals with their tax affairs.

Self-assessment

The reality is that ‘Self-assessment’ still involves quite a lot of form filling and compliance. It’s also vital that you know what your tax allowances are so you pay exactly the right amount of tax due.

There is a constant stream of changes to tax legislation which means that returns are becoming very difficult to understand.

This also means that taxpayers are at risk of incurring more penalties. Often due to failing to complete their returns correctly and on time.

We can support you with some of the more complex aspects of self-assessment and help you with:

Personal Tax Planning

Ensuring you have the documentation and information you need

Completing your tax return, online or by post

Calculating your tax liability accurately

Advice on exactly when to make payments and how much to pay

Planning tax opportunities to benefit your personal circumstances.

Tax planning encompasses many different aspects.

These aspects include the timing of both income and purchases and other expenditures. Keeping tight control of planning goes a long way to helping your business pay the correct amount of tax. Learn the essentials of tax planning by exploring the subject with K A Farr & Co. and we could save you hundreds, possibly thousands, of pounds in tax every year.

We want you to maximise your tax position whilst meeting your compliance obligations and paying what you owe.

The key is knowing exactly what your individual responsibilities and allowances are as a taxpayer.

With dedicated, professional taxation advice and support, we can provide you with year-round advice on all aspects of personal taxation.

KA Farr & Co are tax experts and offer a specialist personal taxation service for individuals on all tax-related matters.

Your tax planning is dependent on the size and structure of your company, there could be different tax advantages for each structure.

Sole Trader

As a sole trader, you are both the business and its owner for tax purposes. No tax distinction is made between taxable profits and what is earned by the business. Tax thresholds and rates for sole traders are the same as if you were an employee. However, unlike an employee, you can claim expenses as long as they are deemed to be just for the business.

Partnership

In tax terms, this is the same as 2 sole traders working together. Therefore you will still file your own returns and pay tax and national insurance on the same self-employed terms.

Limited Company

Once you register a limited company, you become an employee and a shareholder. This means you are able to draw a salary, which you can pay yourself with PAYE. You are also able to draw dividends out of profits. One of the key tax advantages of a limited company is that profits can be retained for reinvestment. The advantages of this are that they are taxed at the corporation rate rather than income tax rates.

Limited Liability Partnership (LLP)

The members of the LLP are individually self-employed and the LLP will file an annual tax return, but each partner will report their share of the profit on their personal tax return.

Business planning

How many Chartered Accountancy firms show our dedication and enthusiasm for helping clients maximise their planning throughout the life of their business?

At KA Farr & Co, we always look for opportunities to improve your business processes. We can help you plan, manage and organise your finances with much greater efficiency.

Business planning is essential especially if you aim to maximise the profit potential of your business.

This enables you more time to focus on what you know best, your core business activities. You can do this safe in the knowledge that you are being supported by robust financial systems and a trusted accounting team. Whether you are establishing a new business or developing an existing one, it is important to continually build and grow the strengths of your business. This is more than achievable, all while minimising risks.

Business planning services include:

Start-up planning and advice

Building a new business is an exciting time. The important thing to consider is to create a strong foundation on which your business can thrive. You can do this based on helpful and sound advice from a professional who has this knowledge. This knowledge will allow your new enterprise to grow and develop.

KA Farr & Co. can supply you with advice on

Business foundations

Your business structure

Finance

Taxation

Accounts Administration

Preparation of cash flow and budget forecasts

Cash budgeting is a process of predicting cash inflows and allocating cash outflows for a specific time period. Budgeting relies heavily on specific cash flow forecasts. It also requires effectively managing activities such as customer billing and collections, short-term investing and accounts payable.

Cash flow forecasts aim to predict future financial liquidity over a specific period of time. A new small-business owner or one just getting started with creating cash flow forecasts may want to consider starting with short-term forecasts. Short-term cash flow forecasting is based on actual cash receipt information. Whilst long-term cash flow forecasts are projections based on data from income statements and balance sheets.

Assistance with accessing and obtaining finance

At K A Farr & Co. we have extensive experience in the banking and business lending sector. This enables us to help our clients to understand how to access and obtain finance for their business or business projects.

Our experience means that we know what you will need to obtain the money for your business and what makes a good lending proposition. We work closely with you on your business plan, ensuring that you understand the numbers and make sure that the investment is the right for the business.

Installation of accounting systems to provide up to date management information

A member of our team will help find the right accounting system which will meet your business and data requirements. Once we have chosen the system together, we will show you how to update the software with your current information. We will also show you how to use it thereafter, to help minimise the stress.

As members of the Sage Accountants’ Club, we can give up to date advice and information.

Advice on acquisition or disposal of businesses

Sometimes the best way to improve your competitive position in the marketplace is an acquisition. Not only is this a complex and time-consuming process, if it is not well researched and skilfully negotiated it could make matters worse, not better. K A Farr & Co. can provide you with professional advice to help you make the right decisions.

Bookkeeping & VAT

Bookkeeping

You don’t need to worry about all the ins and outs of bookkeeping systems and methods because we have all the specialist expertise you need.

Our highly qualified team will quickly identify the most effective and appropriate bookkeeping system to keep your business affairs running smoothly and install it for you if required.

We are fully trained in the preparation of accounts, as well as being well versed in drawing information from all types of records. From simple, manually produced ledgers to more sophisticated and computerised accounts systems.

As members of the Sage Accountants’ Club, we can also offer advice on accounting software.

VAT

With our experienced staff, we can make VAT simpler for you and help you to complete your VAT returns accurately.

Value Added Tax (VAT) is charged on most goods and services supplied by VAT registered businesses in the UK. It is also charged on goods, and some services, that are imported from countries outside the European Union (EU), or brought into the UK from other EU countries. The VAT is applicable when your sales exceed a certain limit.

As well as normal business records, if you are a VAT registered business, you need to keep additional records: the VAT account, VAT sales and purchase invoices and import and export documentation.

We will help you ensure that you are charging VAT at the correct rate on all of the sales that you make within the UK.

This applies unless they are either exempt from VAT or outside the scope of UK VAT.

With our specialist knowledge and expertise, we can establish whether can you use cash accounting or special schemes, what private deductions can be taken into account, and whether you can de-register without negative implications.

VAT returns can be monthly, quarterly, or even annually, and we will prepare these for you whilst carrying out your quarterly bookkeeping. We can also handle complex queries which arise from time to time.

Audit

As ‘Registered Auditors’, we are authorised to accept appointment as auditors for all types of limited companies.

At KA Farr & Co. we work to understand your business, this allows us to deliver outstanding service levels and value for money to help your business to thrive.

Your audit will be unique to your business, this will reflect the specific operational, regulatory and financial risks you face.

We help your business mitigate risk, create new efficiencies and better support strategic objectives. In addition to doing our basic review of company financials, our audit will review your processes and make recommendations to maximise productivities too.

Payroll & CIS compliance services

Payroll

Payroll can be a complex and time-consuming area but is the lifeblood of your business. After all, it is an important factor in keeping your employees happy in their jobs.

We can take care of all your payroll requirements, with a tailored service to provide you with weekly or monthly payslips for each employee. Our service includes the reconciliation of wages, PAYE and National Insurance Contributions (N.I.C).

K.A.Farr & Co keep you up to speed with details of amounts to be paid to HMRC.

From annual returns to be filed online, through to benefit details and P60s for each employee.

With our wide range of experience and depth of payroll knowledge, we can quickly and efficiently deal with any queries. Including problems which arise from personal circumstances such as maternity pay, sick pay, holiday entitlements and redundancy payments.

The deadlines for payment of tax and N.I.C, together with the submission of forms and returns, are now rigorously enforced. We will ensure you are well prepared and ahead of the game so that you do not incur fixed penalties for a late submission.

Our team can also give you the appropriate support and advice to minimise National Insurance liabilities, both for self-employed and employed individuals.

CIS compliance services

If you are a building industry subcontractor or you hire subcontractors, you may be subject to the collection of tax under the Construction Industry Scheme (CIS).

The CIS compliance system principally applies to the construction industry, but also to organisations which have a high annual spend on construction. (Even if that is not their core business.)

Alongside our payroll services, our comprehensive approach to CIS compliance will ensure that you meet all your obligations. Our services include verification of subcontractors and preparing and filing monthly and year-end returns.

Capital gains tax

Capital Gains Tax is a notoriously complicated area. However, it is basically a tax on the increase in the value of the possession or item in the time that you have owned it. CGT is payable on assets like property or shares and is calculated once the asset is sold or gifted.

Do you know what your Capital Gains Tax (CGT) liabilities are and how you can manage allowances and exemptions to protect your assets? We can help you take both of these into account.

Certain transactions such as the sale of shares or property may give rise to a capital gains tax liability.

It is crucial that you know what steps you can take to minimise, reduce or remove any liability. There are also several forms of relief, allowances and exemptions which you are at liberty to utilise if you meet certain criteria. We guide you through all of these, making sure you pay the right amounts of tax and that your finances are secure.

There are three rates of Capital Gains Tax (CGT):

Basic rate taxpayers are charged CGT at 18%,

Higher rate taxpayers are charged CGT at 28%

Specific business asset disposals are subject to 10%.

There is also an annual exemption which means that you don’t pay Capital Gains Tax on the full amount of any increase in the value of your assets.

Before you proceed with a major transaction, you can always talk to us first so we can advise you on its feasibility and tax implications.

You may qualify for capital gains tax relief in the following circumstances:

Corporation tax

Corporation Tax calculations are an important part of your company’s tax return, as they adjust the profit shown in your accounts to arrive at the correct figure for taxable profit.

Profits include all sources of income and also Capital Gains but exclude dividends from UK companies.

Some expenses, such as business entertainment, depreciation on assets, and some legal costs for capital expenditure, are not allowed for tax purposes.

They must be added back to the profit in the Corporation Tax computation.

Equally, there are also some capital tax allowances and reliefs which do not feature in a company’s accounts and which are deducted from the profit prior to tax being charged.

Under the ‘Self Assessment’ system, you will need to estimate and pay your Corporation Tax within 9 months of the end of your accounting period. This is before filing a statutory return with supporting accounts and computations within 12 months of that same date.

We can help you get all of this right first time, on time so that you do not incur any interest, penalties on unpaid tax or charges for submitting returns too late.

This is precisely why we plan ahead and work with our clients to complete accounts well in advance.

Corporation tax is also charged on the profits of unincorporated bodies such as clubs.

Inheritance tax

Many people worry about their estate and how much inheritance tax they will have to pay when they pass away. They naturally want to maximise what they can leave behind for their loved ones.

With Inheritance Tax charged on certain lifetime gifts, wealth on death and on certain transfers into and out of trusts. Therefore, it’s crucial that you know all about the available exemptions and reliefs.

Our team can help you significantly reduce inheritance tax liability, or even render it irrelevant.

We offer sound advice on wills and trusts, tax planning and judicious use of gifts.

Tax is currently charged at 40% on estates which are worth more than £325,000. Rises in property values have brought even those with relatively modest homes into the inheritance tax (IHT) net.

A death in the family often leads to the requirement to act quickly.

This is to ensure all assets are safe and to deal with the opportunities that are possible even after death.

Equally, lifestyle changes such as divorce, redundancy or inheritance mean that your financial strategy should be reviewed.

Often a review of your family’s wealth can identify straightforward ways of organising affairs more appropriately and enable you to anticipate any tax liabilities.

Depending on your goals, we implement a strategy which is likely to involve one or more of the following:

lifetime gifts

drafting, or revising an existing will

establishing trusts

life assurance.

The use of lifetime gifts or exempt transfers in your tax planning can be highly beneficial.

For example, lifetime gifts made over 7 years before death are completely exempt. Whereas those within the 7-year limit are subject to tapering reliefs if made 3 years or more before death.

We will work closely with your solicitor to ensure that your plans are effectively put in place.